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CBOT crop futures settle mixed as U.S. signs trade deal with China

Xinhua News,CHICAGO
2020-01-16 07:09

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CHICAGO, Jan. 15 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures ended mixed on Wednesday, as market participants started to look into a U.S.-China trade deal just signed in Washington.

The most active corn contract for March delivery was down 1.5 cents, or 0.39 percent, to settle at 3.875 U.S. dollars per bushel. March wheat gained 4.75 cents, or 0.84 percent, to settle at 5.7325 dollars per bushel. March soybeans fell 13.5 cents, or 1.43 percent, to end at 9.2875 dollars per bushel.

China and the United States formally signed their phase-one economic and trade agreement on Wednesday, with Chinese Vice Premier Liu He and U.S. President Donald Trump inking the papers in the White House.

Market participants are examining the deal, which they hope will increase U.S. crop sales to China.

However, facing stiff competition from their South American peers, U.S. soy growers and CBOT traders are uncertain if the trade deal can lead to large sales to China, the world's top soybean buyer.

Chicago wheat futures, which had gained almost 20 cents per bushel in the past six sessions, extended gains amid rising international prices and relatively tight global supply, said market analysts.
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